Axa Sunlife- Cashbuilder Plus

Polgara43

A little later than everyone else I have just stumbled across this thread - interesting reading!

I have two policies with Axa (now Sun Life), one taken out in June 2000 and the second in February 2004. Like others on here I was not particularly financially savvy but felt at least I was saving something which had to be good thing. Seems not :-(

I have just dug out both of them and by my reckoning have paid in the following:

Policy One - £1800 paid in, £310 bonus added = £2110
Policy Two - £2760 paid in, £587 bonus added = £3347

Having read these posts today I have no intention of paying in any more money. I will call them tomorrow and ask them for surrender values initially, and see what they come up with. I can see with the first policy I will be stuck with what they offer, but the second should be covered by the dates relating to the FSA ruling, so I cna push on that one if need be.

I am sure I m not the only person kicking themselves for still having and paying into these policies, so I will post an update once I have spoken to them.

Thanks anyway to all the posters on here for the advice, and to Jonathenen for the letter template which I have downloaded this evening - fingers crossed, I have to move house soon so could use the cash :-)

13Kent

I have just noticed this thread too by chance after searching for some sort of investment plan for my daughter who has just started work and is looking for a long term savings plan.

My husband has an Axa Sun life Bonus Cashbuilder plus plan started in Sept 2003, maturity date 2018, with over £4000 paid into it. I am hoping that it's not too late we can salvage something from this too!

jonathanen

13Kent wrote: »

I have just noticed this thread too by chance after searching for some sort of investment plan for my daughter who has just started work and is looking for a long term savings plan.

My husband has an Axa Sun life Bonus Cashbuilder plus plan started in Sept 2003, maturity date 2018, with over £4000 paid into it. I am hoping that it's not too late we can salvage something from this too!

Hi 13Kent, you're fully sorted!! All you need to write one letter of complaint to AXA Complains Dept saying about misleading information - referring to FSA ruling between February 2002 and January 2004!!

Check out both my post # 48 - https://forums.moneysavingexpert.com/discussion/comment/11602281#Comment_11602281 & post # 101 - https://forums.moneysavingexpert.com/discussion/comment/49127651#Comment_49127651 to find out about my true AXA Sun Life story with a copy of my letter template available to download, as well showing my excellent news & outcome from AXA Sun Life - trust me, you can't lose!!! :j:j:j:):T:):j:j:j

deejayone

I too have stumbled onto this thread whilst researching the bonus cash builder.

I have a policy that started in July 2003, beginning at £10/mo.

Therefore, I've paid over £2,000 in so far with a maturity date in 2018 (which would be further payments of around £1,200 in the remaining 5 years).

I've called up today to try and work out my options. They have given me a surrender value of £2,108.98, which includes a non-guaranteed bonus amount of £259.54.

I also asked for maturity estimates, which they provided at a 4% and 6% level, £3,840 and £4,520 respectively.

So, I now need to weigh up my options. Do I surrender for around £2,100, do I continue to pay for another five years until maturity for around the estimated amounts or do I complain about the misleading adverts previously and get back premiums plus BOE interest +1%? Any thoughts?

As a question - when they give the refund plus BOE base rate + 1% (less tax), is that the current BOE base rate, or the base rates over the course of premium payments over the last 10 years? That obviously makes a huge difference to any amounts people get back.

Interestingly, I can find no record of ever being offered a refund in my paperwork, so don't think I ever received that letter - and I can find no record of ever getting back my 50% of the first year premiums, so I don't think I ever received that cheque too!

jonathanen

deejayone wrote: »

I too have stumbled onto this thread whilst researching the bonus cash builder.

I have a policy that started in July 2003, beginning at £10/mo.

Therefore, I've paid over £2,000 in so far with a maturity date in 2018 (which would be further payments of around £1,200 in the remaining 5 years).

I've called up today to try and work out my options. They have given me a surrender value of £2,108.98, which includes a non-guaranteed bonus amount of £259.54.

I also asked for maturity estimates, which they provided at a 4% and 6% level, £3,840 and £4,520 respectively.

So, I now need to weigh up my options. Do I surrender for around £2,100, do I continue to pay for another five years until maturity for around the estimated amounts or do I complain about the misleading adverts previously and get back premiums plus BOE interest +1%? Any thoughts?

As a question - when they give the refund plus BOE base rate + 1% (less tax), is that the current BOE base rate, or the base rates over the course of premium payments over the last 10 years? That obviously makes a huge difference to any amounts people get back.

Interestingly, I can find no record of ever being offered a refund in my paperwork, so don't think I ever received that letter - and I can find no record of ever getting back my 50% of the first year premiums, so I don't think I ever received that cheque too!

Hi deejayone, you're in exactly same situation as 13Kent! In other words, you're fully sorted!! All you need to do is write one letter of complaint to AXA Complains Dept saying about misleading information - referring to FSA ruling between February 2002 and January 2004!!

As for the answer to your question regarding current BOE base rate, I'm not really sure to be honest.

Check out my post # 101 - http://forums.moneysavingexpert.com/...1#post49127651 to find out about my true AXA Sun Life story with a copy of my letter template available to download, as well showing my excellent news & outcome from AXA Sun Life - trust me, you can't lose!!! :j:j:j:):T:):j:j:j

not_so_dizzy_blonde

Hi All.

I have been reading all the threads in relation to axa cashbuilder plus with interest.
I have one of these policies, details as follow:
1999 - initial payments £20.00
2004 - finally increased to £40.00
Policy due to mature in September 2014

I evaluate that if I keep the policy until maturity I will have paid in £6480.00
guaranteed death benefit £4428.00

My 2012 bonus certificate states my total bonuses are £2473.02 and my current rate of terminal bonus is 195 %.

After reading all the negative blogs today, I decided to contact the company to ask for a surrender value.
I was pleasantly surprised to be told that the policy was worth
£6506.48 -
plus £4134.67 - non guaranteed bonus
£10,641.15 in total - if I cash in before the end of next month.

Now, my dilemma is, do I cash this in now (this would clear my current debts) or by leaving this until its maturity next September would I be gaining an even bigger bonus, worth paying the 4% interest I am currently have on my outstanding debts.
I would be grateful if anyone could share their thoughts on this.
Thanks.

ffacoffipawb

not_so_dizzy_blonde wrote: »

I evaluate that if I keep the policy until maturity I will have paid in £6480.00
guaranteed death benefit £4428.00

My 2012 bonus certificate states my total bonuses are £2473.02 and my current rate of terminal bonus is 195 %.

After reading all the negative blogs today, I decided to contact the company to ask for a surrender value.
I was pleasantly surprised to be told that the policy was worth
£6506.48 -
plus £4134.67 - non guaranteed bonus
£10,641.15 in total - if I cash in before the end of next month.

I think this is wrong - can you recheck the details please. The value of these policies are seldom well in excess of what has been paid in.

not_so_dizzy_blonde

Quote
I think this is wrong - can you recheck the details please. The value of these policies are seldom well in excess of what has been paid in.

Hi
I know it sounds wrong from all the other posts I have read.
But my figures are correct.
I have kept all the documentation I have from AXA, including a letter telling me of a special bonus I received of £959.
The quotation I received today was repeated to me twice, to ensure I wrote it down correctly.
I guess from your initial reaction that you think I should cash in and run for the hills. lol.
Thanks for responding.

innovate

You should be asking AXA to put the figures into writing.

Cazzoh

jonathanen wrote: »

Hi Everybody,

I've decided to put up a copy of my letter template send to AXA Sun Life, photos of all the letters from AXA Sun Life send to me, showing the links that I've found out while I was researching on the Internet to make up my letter in Microsoft Word Format and my AXA Sun Life story all onto 1 link from my web site - Regards,
Jonathan.

I came upon this thread whilst looking for contact details for my policy as I have just changed bank accounts and was going to contact them to change where my DD should be collected from.

I too took out a Axa Sun Life Cash Builder policy in September 2002 at £30 a month, rising every year by £6 until Sept 2007 when it was £60 a month, which I am still paying.

However, I have read with interest this post (albeit that some of it is a bit above me) but would gather it would be in my best interests to cash this policy in - would my fellow MSE forumites agree, even though there is only 4 years to go?

I do not remember receiving any information as mentioned in September 2004 but I had just had a baby, was having a new bathroom fitted so it could easily have slipped me by. I have lost some documentation through water damage and do not have all my original paperwork.

As the policy is now with someone completely different, although I notice that Jonathan's letter in 2008 is addressed to the same PO Box as the one listed as their contact address on the current Friends Life website, would I still be able to cash in this policy? I must admit it would come in very useful to clear my debts.

Any advice would be gratefully received